FreedomRocks IntraDay Method - page 7
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Hi Tara, please see my responses in blue...
This is a VERY interesting thread!
My question is....I'm understanding that with your setup, you are using Stop loss and Take profits...instead of FR strategy of setting buy and sell limits --- not SL & TP's. What is your rational for doing the SL & TP's instead of the Buy and Sell limits?
Well, first of all, the FR system as I understand it is geared for long term buy/hold positions. The focus here is a twist on that theme for an intraday approach. With FR, you pretty much don't care where price goes, you make money either way eventually, providing you are smart enough to keep your exposure low. Many folks who were over exposed lost their shirts in Feb-March of this year, but others who were conservative came back nicely. So, basically, using TP's and SL's versus buy/sell limits is just because we aren't looking to hold these positions (especially not the EURUSD or GBPUSD) constantly.
The reason I ask is that I am in FR and like the strategy, (yes having excellent results) but would like to be a bit "more" active in my trading....or basically have more trades executed. I've been looking at setting up an EA with IBFX and setting my buy and sell limits at 60 above and 50 below --- but I can't figure out how to set up an EA.
I assume you are talking about the EA that IBFX provides which mimics the FR system. If so, I have zero experience with their EA for that method. I have seen it mentioned on their site though, and I believe they have a live seminar that will teach you how to install and use it.
What is the difference between your strategy and the one I suggest (other than our pip difference)...what do you believe the benefits/cons of each strategy and how the heck do set up one of these darn EA's!
Well, I think it's mainly the fact that with the FR system, you are holding a bank of lots in each pair, constantly buying small amounts of new lots at dips in the price action and selling off small amounts of lots when price moves in your favor, all over a longer time frame. With my method, I'm strictly looking at an intraday approach, cashing in daily. My newest twist with the timing of the entries will allow you to earn even better interest than the actual FR system. This is because you are never holding the EURUSD or GBPUSD long enough to pay the negative swap, while you are automatically collecting full positive swap on the USDJPY and USDCHF. With FR, you only receive the net aggregate interest between all four pairs. Incidentally, that is why so many people left FX SOL when they revamped their swap spreads several months ago, sending many FR folks flocking to other brokers.
How to setup an MT4 EA? You must copy its .mq4 or .ex4 file to the MT4/Experts folder on your PC's hard drive. Close and reopen your MT4 terminal if was open when you copied the file to the folder. Then, go to the TOOLS/OPTIONS menu and click on the EXPERT ADVISORS tab and check the tick boxes to enable Experts and Allow Live Trading. Then go to your Navigator in MT4 and click open the Expert Advisors folder and you should see the name of the EA file you copied. Drag and drop this file onto any chart you wish to have the EA trade for you. Depending on the EA you're using, there may be many different settings and inputs to adjust or only a few. Once you get those where you need them to be, click ok and the EA title will then be shown in the upper right corner of the chart. There will either be a SMILEY FACE or a FROWN FACE...if it's a frown, then you need to click the Expert Advisor button at the top of your MT4 console to enable all EA's on your charts. That should give the EA a SMILEY FACE and you're trading!
Thanks.
TaraYour welcome!
i would say please go ahead and recreate the ea as i am having very less time these days thanks
Guyver, I'm sorry you won't be able to continue with this, but thank you for your help to this point and for being upfront about your time limitations. I totally understand and respect that.
Could you provide us with a .mq4 version of the last one you did? I don't think I have it, I only have the .ex4. We'll see if Paul can hook us up.
Thank you very much for all your help! We wish you well on your other endeavors!
Howdy Paul!
Hi Pipsk...
Problem I see here is knowing (for each broker) at what time they apply their swap. ie. whats the end of their trading day. Don't think you can programatically obtain this info.
Could be done easily if you don't mind inputting the time your broker applies swap as an input. Maybe I'll have a look at the EA ... is it on this thread the latest version ?
Also happy to put some TS and MM code in if you want ... BUT don't want to step on anyones toes though... let me know ?
Cheers
Paul.Hi Paul!
Very good of you to drop by and thank you for the offer to help out on the coding! Yes, by all means jump right in and help us out. Guyver apparently has some time constraints to work around, so we would most appreciate the assistance!
No, I wasn't thinking of having the EA retrieve the swap payment time info. Most brokers either provide that data on their site or through customer service inquiry. We just need to be able to input a start/stop time for trading and have only one order per day. The current FR-ID v1.1 (posted on 1st post in thread) still has some bugs that need working out. Last night, I couldn't get it to take a trade, then reinstalled it and it finally placed the trades. However, I couldn't figure out the trade start/stop times and due to my tinkering, the EA promptly closed the orders the very next tick after they were opened for a loss on the spread.
Guyver's version trades all four pairs from one EURUSD chart which is GREAT, provided it can be done without bugs (and there are bugs). However, if it's done that way, we still need to have the ability to set trade start/stop times individually for each pair so we can use my interest maximizing idea. Just by using a little thoughtful entry timing, we can add 80% annual interest to this strategy alone! I think a simpler approach would be to have the EA only trade on one pair per chart, but either way is fine with me, so long as it works.
Ok, since you have been so generous to step up to the plate here, I'm going to redefine what I think would be a great starting point for a solid EA to test this strategy.
1. We need to be able to set a fixed position entry time. For now, orders should be all LONG, but if you can put in a toggle ALL LONG/ALL SHORT, that would be good. One problem with Guyver's version is that if the previous orders get stopped out or otherwise closed, the EA just keeps on repeating new entries if it's still within the start/stop trade times in the inputs. If GBPUSD gets stopped out once, I don't want to do it 5 more times in the same day/night if it goes on a long downhill slide.
2. I've been doing some thinking about exits. It makes no sense to exit a winning EURUSD or GBPUSD position just because its 5:00pm and swap is going to be charged. If a TS has engaged on any of the four pairs, then the EA should leave that position alone and let the profits run. Likewise, if we are holding a USDJPY or USDCHF position that was taken the previous day, but it hasn't stopped out or the TS hasn't yet kicked in, then why should we close it out only to pay the broker again? Just let it ride! We can collect the +swap and save the spread by holding this position one more day until price finally does its thing. This might be the most complex part of the EA to program and maybe we can save the addition of this logic for later if you like. If you want to go the simple route for now and just program a fixed input time to close the open positions, that would work for now. Your call here Paul. Just make sure that we can still select a specific time (hour increments are fine) for closure for each pair separately. Again, this ability alone will net us +80% annually, so its definitely worth it to have.
3. We need user input TP and SL settings for each pair.
4. A simple TS function (for a future version, perhaps based on ATR or some other pair-specific, self-adjusting factor) with user inputs would be great and I think basic code for this is readily available, right? I don't want this EA to become too complex as I don't think its necessary, especially not in this early stage. But I think a few well chosen options can really help to maximize profits and curb losses. MM would be good too if it can be implemented easily. Probably not necessary until we "prove" the strategy though, but if you feel froggy...then go for it!
I think if you can work out a stable version using the above parameters, we can get our demo testing back on track! Thanks for giving it a shot and if anything isn't clear, please post or PM me.
Thank you!
Can someone provide an update as to where we are at on this system currently? Thank you.
Can someone provide an update as to where we are at on this system currently? Thank you.
Thus far, I've had three people offer to create an EA for the testing. The first guy never posted in the thread and I never heard back from him after sending him the outline.
Guyver gave us a start with an EA that almost worked, but has some flaws that are prohibitive to going ahead with demo testing.
Pabslabs offered to take over where Guyver left off. However, I believe he has already left for a couple weeks vacation and won't be back until around mid August. We were hoping Guyver would supply us with a .mq4 version of his EA to give Pabslabs a head start, but haven't heard from him since his last post.
I'd really like to do this on MT4 and thought we were making EA headway, so I ceased managing the FX Sol demo due to my own time constraints.
So......for right now, unless someone else steps forward to code this, we're sorta waiting on Pabslabs to return from his vacation/trip. That's about it for now.
If there is someone else out there who is willing and able to code a testing EA for this, please feel free to step in.
Well there are many of us who think this system has merit, and would love for someone to put an EA together for this. Is anyone willing?
Thus far, I've had three people offer to create an EA for the testing. The first guy never posted in the thread and I never heard back from him after sending him the outline.
Guyver gave us a start with an EA that almost worked, but has some flaws that are prohibitive to going ahead with demo testing.
Pabslabs offered to take over where Guyver left off. However, I believe he has already left for a couple weeks vacation and won't be back until around mid August. We were hoping Guyver would supply us with a .mq4 version of his EA to give Pabslabs a head start, but haven't heard from him since his last post.
I'd really like to do this on MT4 and thought we were making EA headway, so I ceased managing the FX Sol demo due to my own time constraints.
So......for right now, unless someone else steps forward to code this, we're sorta waiting on Pabslabs to return from his vacation/trip. That's about it for now.
If there is someone else out there who is willing and able to code a testing EA for this, please feel free to step in.Bug ? ? ?
@Pipskateer
I have first 1. Set with 2 Pairs on “true” started. Everything ran perfectly and it only the 2 Pairs was acted.
Then has I unite minutes later all 4 Pairs on “false” placed. Now I have already over 20 “open trades”. There cannot which tune!
My set:
Time_Start: 1
Time_End: 24
The 1. Set were the Pairs:
GBPUSD + USDJPY
In 2. Now set I activated then ALL 4 Pairs (without “m”) and came over 20 the trades with that
2 Pairs > USDCHF + EURUSD
Sorry for my bad English...
Thanks
Ecart
Thank you!!! That explains ALOT! So you CLOSE our your "negative swap" positions before you are ever charged interest, but you are holding onto the positve swap positions? I don't completely understand it, but I like the concept. Do you have an "EA" currently functional to do this strategy and how well has it worked with the latest volitility in the market?
I will have to go over your post a couple more times later on (when I'm not at work) and hopefully figure out exactly how to set up my EA and test different strategies.
Thanks so much again for your explainations!
Tara
Thank you!!! That explains ALOT! So you CLOSE our your "negative swap" positions before you are ever charged interest, but you are holding onto the positve swap positions? I don't completely understand it, but I like the concept. Do you have an "EA" currently functional to do this strategy and how well has it worked with the latest volitility in the market?
I will have to go over your post a couple more times later on (when I'm not at work) and hopefully figure out exactly how to set up my EA and test different strategies.
Thanks so much again for your explainations!
TaraHi Tara,
I'm still waiting to hear from Pabslabs as to what he's come up with on an EA. I was hoping to have one already functioning and in test mode, but it hasn't materialized thus far.
There are several things that can be done to improve efficiency and profitability with this method, but until we can test the basic premise in real time, it's of no use.
Pabslabs?? You there man?